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saudi arabia? could an abundance of shale oil in the u.s. actually bring about energy independence by the year 2020? we drill for the truth straight ahead. and how rich is rich? the president wants higher taxes for americans earning more than $250,000 a year. is that fair? or should that number actually be $1 million? and could this be the key to resolving the looming fiscal cliff? that and a lot more is still to come on the "closing bell." >>> if a budget is not agreed upon to avoid the fiscal cliff, the average middle class family will pay $2,000 more in taxes. >> that's right. crunch time is upon us. the markets and economy will be held hostage until lawmakers do reach a deal on the fiscal cliff, presumably between now and the end of the year. >> eamon javers is breaking down the plan. over to you. >> just before the break, you and bill were debating whether or not it's too early to start getting sweaty palms about in fiscal cliff problem in washington. as a guy covering capitol hill for almost 20 years, i can tell you it's never too early to panic about what washington might do
at much lower levels. jeff cox, i mentioned the $750 billion in loss. that's just the u.s. when you add in global markets, according to rich peterson at capital s&p, it's $1 trillion that's been taken out of market value just since the election. >> it's crazy. if you remember several months aer ago, i was on and we talked about technical levels in the market. i said 1350 is an important upside. we cleared that. now we're coming back down again. we're around 1353. if that doesn't hold as support rather than resistance, the next place between here and there, 1278 it the june lows. 1158 we were at last year. there's basically nothing between. where does that leave investors? the fed minutes came out yesterday with an indication there's still an appetite for easing. i think we're paving the way for a possible qe-4, especially pending what happens with the cliff. i think if we get this can kick thing, it's only going to add to uncertainty. a lot of folks are looking for alternatives, not stocks, high yield. they want something different. >> yeah, because they're afraid of equities. >> if you
there again? >> well, again, the u.s. stimulated the last crisis with our subprime crisis. the world was awash in debt. demographic trends were set to slow. now we have the same thing replaying with europe set to be the trigger this time with their sovereign debt crisis. we have even greater debt now in countries around the world. demographics is getting ready to slow more in the next few years. i think we're prime for a crisis. this time it's going to be europe that triggers it, not our fiscal cliff, not our fed. if we could take the whole world down, europe can take the whole world down. think of it this way. we've had two bubbles and we're in a third one. each bubble has taken us a little higher. each crash has taken us a little lower. 6,000 is simply the bottom trend line through those bottoms, including the 6440 in early 2009. it's a slight new low. it's not anything that should be unexpected given the trend. >> well, it's still, you know, half of where we are right now. it's only a two-year period. ron, take the other side of that. what do you think? >> i think it's a pretty easy other s
is that the u.s. bankruptcy judge said that the parties have agreed to a medation in the prevention of shutting down hostess. that will likely be monitored by the same judge tomorrow morning at 11 a.m. this is an attempt to avoid a shutdown, even though in today's hearing the hostess brand lawyer said it would be, quote, very hard to recover from this damage even if there were to be an agreement in the near term. still unclear what this actually means for hostess's ability to operate is a going certain but still a positive move and we'll stay tuned to what actually happens tomorrow. >> he's put off the table for now chapter 7 or chapter 11, is that my understanding? he's going to get them to do a deal even though bakers have rejected? >> that's right. an alternative to liquidation for today. he's giving them till tomorrow to say, if quu agree on some terms in the private, the brain trust will be in a room trying to hammer out a deal. if not, more options will be on the table. at least for the next 24 hours it looks like liquidation is off the table. but just for this very short term. also the q
'm going to start with you today because we see that stutter step opening in the u.s. stock market. some of that could be attributable, i guess, to the plunge in spanish ten-year yields when rumors got out that maybe spain was going to ask for a bailout from the ecb. while we obsess so much on the fiscal cliff, the markets are paying close attention to what's going on in europe, yes? >> oh, well, i don't disagree. nothing gets past you, bill. i think the fiscal cliff for lack of any tangible movement there is up and center. look at the chart bill is referring to. at one point, we were up eight basis points on the ten-year in spain. by the end of the session, down three. the following charts might put a better face on it. if to you open the chart up to about a month, you can see that rates for the most part were about a one-month high in spain. if you look at their safe harbor counterparts, the exact mirror image of lower rates. the rumor is, hey, if you build it, a bailout facility, they will come. spain may be on their way, but it's still only rumor at this point. >> steven, how much of
, of course concerns about the fiscal cliff here in the u.s. also, expectations we'll see further monetary easing in japan. all bullish for gold. taking a quick look at what happened in the energy complex. a mixed day there. crude pulling back despite some very good economic news. the dollar strength at play there as well. all of this as the december options expired. ahead of tomorrow's inventory report, which is expected to show a build in crude inventory. natural gas rebounding from yesterday's decline, which was spurred by the forecast for a warm december. back to you. >> all right, mary. thank you very much. >> all right. we've got 52 minutes before the closing bell. the dow jones industrial average off of its lows, down 55 points. the nasdaq is lower by -- fractionally lower. >> and don't look now, but just as housing is showing signs of life, congress may be taking away the mortgage interest deduction. we're going to look at that coming up here. >>> plus, congressional cliff divers we call them. we're going to hear from a democratic lawmaker who says let's just do it. let's go off th
on the very, very decent and accelerating fundamentals of the u.s. economy. >> maybe, and that's just today, right, ron? >> been since last week. >> we were talking about the market really being so sensitive to any rhetoric out of washington. >> i'm not saying it's not hostage to headlines. we'll get intraday volatility. from the monday before thank giving until now, we have effectively wiped out the losses we saw post-election. >> rick, how do you see it? market complacency, too much angst, are we overthinking this? how do you read the market right now? >> i think that the low volume movements of the equity markets aren't really telling you any information. there's no way even in aggregate a market could decide what's going on in harry reid or john boehner's brain in anything is going on in begin with. if you look at treasuries overlaid on top of equities, until mr. boehner's comments, the treasuries have taken the big picture on all of this. they're not going anywhere fast. fiscal cliff is important, but there's a lot of issues for the next several years that are going to be important to
. >> but the question is what your long-term outlook is. if you're betting against u.s. growth, betting against -- or betting there will be a huge issues in the coming years on these -- on the deficit issue, you may want to keep it off the table. >>> there's a third area there. i don't talk to anybody, steve or our guest, who doesn't think the u.s. can easily ramp up growth. the real discussion i don't think is the true u.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour of trading, so we've got to move here. thank you for your thoughts today. steve, thank you, you're voting on a committee of politicians. i find hope in that somehow. >> yeah. you're in the hopeful camp. >> hoping at the last moment they will do the right thing. >> was that a pig that just flew by? the ma
. this isn't issue number one for the u.s. economic recovery has been unsatisfying. that's one area where wall street is hoping that's the way it would go under a romney president and probably will go that way. >> what about taxes? let's go through the two plans on taxes. this is one of the more important yishdz for wall street, whether it's capital gains taxes, dividend taxes, ordinary income. let's define each side here. todd? >> well, look, romney's been very -- he wants a tax-friendly environment, maria. he's been vocal about that. i mean, that's just the culture of the gop. but then these guys are the odd couple. you have president obama who clearly is talking about higher taxes for the upper class and also thinking, have you to look at those other taxes, health care taxes, for example, that will impact the middle class. you have a romney presidency, you can only assume we have will have a cut in taxes but we need to resolve this fiscal cliff issue. it's not just resolving the fiscal cliff, it's also a long-term plan up. don't want to have to go through this every 12 months, talk abo
no time on this issue today. fitch saying the u.s. needs to fix that debt threat and moody's says it's going to wait before taking any action and maintain its negative outlook on the u.s. economy. one thing is for sure. the stock market is taking the fiscal cliff very seriously. the blue chip average is off the lows but still down sharply at one time today, the dow was down about 369 points. first time we've seen that big of a decline since november 21st of last year. off the lows rights now, the dow down 260 points at 12,985. the nasdaq is down 63 points, a more than 2% decline at 2947. the s&p at this hour is down 28 points right at 1400. let's break down what's behind today's dramatic decline in stocks in today's "closing bell" exchange. we welcome back michael pento, kwint tatro, jeff sika, and our own rick santelli. quint, you believe the market was going to go down either way. why? >> i do. i think this was long overdue. we have been propped up with some incertauncertainty. it's kept the market saying, are we going to get a change? it didn't matter who won. we've been facing pr
of a nearly 5% selloff just since the election. so you say there's opportunities in the u.s. what are you hearing from your companies in terms of how they're going to adjust their business? >> well, i think, you know, that's one of the reasons that unemployment still remains high in the united states. we have uncertainty in tax policy. we have uncertainty in regulatory policies. so if you take from the first quarter of 2009 to the current date, revenue growth in the united states has been 35%. greater than it was between 1990 and 2007. >> right. >> that should have translated into 30,000 more jobs per month during this period of time. but it hasn't because business hasn't been willing to go out and hire people, bring full-time people on board because they don't know what the laws that are going to govern them from a regulatory standpoint, and they don't know what tax policy is going to be. >> why would you add heads to the payroll when you have no clarity on what your tax rate is going to be. what fees are involved in those agencies. >> right. >> so that's the issue. so would you be poise
, it really wasn't. as a i talk, you can look at ten-year for every major developed economy. the u.s., the germans, the french, the u.k., the japanese. month to date, the patterns are almost all die dent call. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most accommodative from a nervousness standpoint. i will tell you it was the number one conversation. and even though it really isn't about oil, that's the market everybody is trading to of course kind of play the headlines. >> michael, how about you? how does this impact the way you're allocating capital? >> well, as you know, our strategy is about 45% in cash while the prefunctory -- what we'll have left to boost us higher. i think the market does go higher. here's why. you have $85 billion each month from the federal reserve as far as balance sheet expansion. you have negative real interest rates that will be get
five years despite getting to the size where it will be around a top ten retailer in the u.s. this year. it's a huge company growing at a fast pace. as you heard the stories of tablets gaining market share and smartphones becoming a way to shop, we're in the early innings of internet taking share from brick and mortar. >> i know you're not stock pickers, per se, but who do you see out there that's doing a good job of handling cyber retail these days? >> i don't think there's any question amazon has the winner. it almost doesn't even matter. you asked about profitability and margins. it's almost irrelevant whether they'll have higher margins or not this year because what they're looking for is market share. they're looking for that wallet share. they want to make sure the consumer is spending money with amazon and not with anybody else. and they have other ways to make money, the marketplace. >> at some point they have to worry about that. but i get your point. who's a winner and loser when it comes to doing cyber sales well? >> i don't see any losers. i think most of the retailers are w
and other groups allied with the republican campaign are doing the same thing. the u.s. chamber of commerce, though they didn't want us to have a camera in their phone banks, say they're also making millions of calls this weekend. everyone is trying to goose the turnout. the turnout by the two sides is what's going to tell us which of these poll models is correct. the likely voters are something that pollsters can only guess at. they're trying to turn likely voters into actual voters. >> all right, john. thanks so much. we'll keep watching that. very, very important component to this story. >>> 40 minutes before the closing bell sounds on wall street for friday. the market is under pressure today after being up 57 points on the better than expected jobs numbers. a complete reversal. we're looking at a triple-digit decline to end the week. >>> meantime, verizon is warning that now that superstorm sandy could significant hit its bottom line. what about at&t? has it been hit as well? comparing those two coming up next. >>> and how will sandy impact clorox? the ceo will join us exclusively late
have some impact, but across the nation, you know, the northeast consumes about 30% of the total u.s. demand for gasoline. you know, that demand is way down since there's not as many people driving. i think the impact on the nation's gas price is minimal. >> all right. >> mr. foutch, thanks for joining us today. appreciate it very much. >> thank you. >>> the latest pictures from downtown new york still pretty ugly. take a look at this picture i took on my way down here today. this is down the block. >> you took that today? >> i took this today, bill. >> the water hasn't changed at all. >> it hasn't changed from yesterday at all. i was just coming in. this is the thauunnel that leado the brooklyn battery tunnel. i got out of the car. the cops didn't want me to do it. >> they're not going to stop maria bartiromo. >> no, they did stop me. i took the shot and ran back in the car. isn't it extraordinary? >> i was thinking about that today. there are priorities that have to be set. you listen to mayor bloomberg. he's talking about priorities being getting food and water and power to the pe
creation? >> well, from a corporate standpoint, yes, maria, because most u.s. corporations are sitting on cash. as you saw profit margins hitting all-time highs. they're clearly not hiring a lot. at the end of the day, this whole economy and the stock market is about jobs. the market could be up even more if we start to see some job creation, but we can't be bidding stocks higher unless we start to see some in flows from our private client friends, who by the way, don't buy bond funds. we still think there's a lot of work to do on the investment side in terms of building further fundamental clarity with respect to the option of buying equities versus selling them. >> so you're not jumping on this bandwagon today, this rally we're seeing here? >> no, for one thing, we are just relieved that all of this election stuff is over. that's number one. number two, let's get back to the business of america and stocks going up in america as an asset looking very well on a longer term perspective. however, on a near-term basis, the market in our belief is well ahead of historical norms in terms of
subjective. it depends on your finances and your surroundings. new research gives us some averages. in the u.s., the optimal salary for happiness is around $75,000. now, once you get to that level, more income doesn't bring much added happiness. for wealth, americans say they need about $1 million in total assets to feel wealthy. millionaires, they say they need at least $5 million to feel wealthy. the more you have, the more you need. that's true around the world as well. new data shows that globally people need income of $161,000 a year to feel truly happy. people in dubai and singapore, they needed the most since they have very heavy concentrations of millionaires in those countries. germans, they needed the least to feel happy. people in dubai and singapore needed more than $2.5 million to feel wealthy. these numbers are higher than the u.s. since they surveyed wealthier people. all of which shows that wealth, like happiness, is relative. i bet that lottery winner, he's rich and happy by just about any measure. back to you. >> yeah, i mean, wouldn't you be? >> well, you know, i'm like that
, which may be weighing on u.s. oil prices as well. we're going to get a report from the energy department tomorrow about crude supply situation. it's expected to show an increase for the week. we're also going to get tomorrow the supply situation for natural gas, a day early because of the thanksgiving holiday. >> all right, sharon. thanks so much. meanwhile, shares of consumer electronics retailer best buy down again today. down about 13% today alone after a massive earnings miss. this, even though best buy's new ceo, says he's optimistic. here's what hubert jolie told me last week. >> we're pretty excited. we have a lot of products coming on to the market. the apples products, windows 8. a lot of great releases. the associates are very ready to work with customers. we're turning the table on showrooming with price matching. we're ready for the holidays. >> so are you ready? is best buy a value or should we be staying away from this stock? let's start talking numbers now. we have richard ross. on the fundamentals side, jeff pillburg with killer capital and a cnbc contributor. good to see
Search Results 0 to 17 of about 18

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